Many homeowners purchase an insurance policy when they first move in, but they may not understand the importance of periodically reviewing it or reassessing their needs. It's an oversight that can ultimately lead to a gap in their coverage.

For instance, you may have insured your home for $200,000 when you first bought it. A decade later, your home may cost $300,000 to rebuild. That's a $100,000 gap in coverage—which could leave you without the proper resources to rebuild in the event of a loss.

A home renovation or upgrade is another reason you may want an insurance review. It can help ensure that your home and belongings are fully protected, and that your coverage is keeping up with your current needs. Everything from new furniture to a kitchen upgrade can affect the value of your family's home, and may even qualify you for additional discounts on your insurance policy.

One way to evaluate your needs is to conduct a home inventory, a detailed catalogue of all your possessions. There are tools and even smartphone home inventory apps, like Digital Locker, that can streamline the process.

Howard M Burkholz 801-451-8880 hburkholz@allstate.com